Colombia s Grupo Aval says first quarter net profit up 7 85%
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Colombia s Grupo Aval says first quarter net profit up 7 85%
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
BOGOTA, March 12 (Reuters) - Grupo Aval, Colombia’s largest financial conglomerate, on Friday reported a 13.7% fall in 2020 net profit, which it attributed to a deterioration of its loan portfolio due to the effects of the coronavirus pandemic, and increased costs.
Grupo Aval’s net profit came in at 4.63 trillion pesos ($1.3 billion) last year, down from the record 5.36 trillion pesos it reported for 2019. Fourth-quarter net profit rose 9.4% year-on-year to 1.4 trillion pesos.
Net interest income rose 6% during 2020 to 11.9 trillion pesos, the company said in a statement released late on Thursday. Outstanding debt rose 49.4% to 6.26 trillion pesos, it added.
March 2, 2021
Colombia’s most powerful bankers have converted some of the country’s leading news media in platforms that defend the interests of suspected mafia figures.
Newspaper El Tiempo on Sunday published a column by former chief prosecutor Nestor Humberto Martinez, who resigned last year after the war crimes tribunal ordered an investigation into his alleged criminal activity.
Weekly Semana published an editorial in which the magazine urged to drop a fraud and bribery investigation against former President Alvaro Uribe despite compelling evidence.
Bankers or criminals?
The two news outlets have become increasingly outspoken in their support of alleged criminals after they were bought by Colombia’s two richest man, bankers Luis Carlos Sarmiento and Jaime Gilinski.